Taylor Scott International News
The outlook for the Scottish property market is optimistic for 2015, following a successful year in 2014 with encouraging levels of activity throughout the country and a return to some competitive bidding. There was a 24% increase in the number of sales in the final quarter of 2014 compared to the third quarter. As well as the improvement in sales figures, there was also a 23% increase in the number of viewings against 2013’s figures for the final quarter, according to data from independent property consultancy CKD Galbraith. Throughout 2014, CKD Galbraith handled property in excess of £375million covering property throughout the whole of Scotland. Prices achieved for all properties sold by the firm during 2014 were, on average 1.54% over the asking price. According to the firm Edinburgh has been one of the year’s successful markets despite a slowdown due to the independence referendum vote in September 2014. In the fourth quarter of the year property sales and registration figures in Edinburgh continued to grow on the previous quarter’s figures according to new research conducted by the firm’s office in the capital city. Overall the number of properties sold through CKD Galbraith increased by 50% from the third to fourth quarter and the number of interested buyers registering with the firm rose by 51% compared to the last quarter as well. Average house prices in Edinburgh have also seen a significant increase rising from £253,000 in the third quarter to £340,000 in the final three months of 2014. The research also shows that 34% of buyers were local, 50% were national and 16% were international buyers ‘The fourth quarter saw a return to high sale numbers and a desire to get transactions finalised before the 01 April when the changes to stamp duty occur. The Edinburgh market has also seen a return of buyers from down south and abroad since the uncertainty of September’s referendum disappeared,’ said Jennifer Campbell of CKD Galbraith’s Edinburgh office. ‘Demand continues to outstrip supply across Edinburgh. The south side also remains extremely popular for its proximity to good schools. We expect sales figures to keep increasing throughout the first quarter of 2015 and not to show signs of slowing down until the general elections in May,’ she added. In the Aberdeen office there was a 33% rise in sales compared to the third quarter of 2014 and the supply of high quality properties in the region has risen by 23% compared to the last quarter. Also, the number of viewings has increased by 15% in the last quarter compared to quarter three. 'Property prices continued to rise in the region and buyers were serious about purchasing accurately priced homes. Although we envisage a plateauing in prices over the next year we do expect interest and offers to keep increasing as the city and surrounding areas grow in popularity,' said Jordan MacKay, head of residential for… Continue reading →
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